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LISI 2011 —
118
— financial report
Documents specific to the Ordinary General Meeting
.5
Auditors’ General Report – Financial year ended
December 31, 2011
To Shareholders,
In compliance with the terms of our appointment by your general
meeting, we hereby present our report for the year ended on
December 31, 2011, on:
• the control of the annual account of the LISI company, as attached
to this report;
• the justification of our assessments
• specific verifications and legally required information.
The annual accounts have been approved by the Board of Directors.
Our role is to express an opinion on these financial statements based
on our audit.
I. Opinion on the annual accounts
We have carried out our work in accordance with the professional
standards in use in France; these standards require due diligence to
ensure with a reasonable degree of certainty that the annual accounts
do not contain any significant anomalies. An audit involves verifying,
through surveys or other selection methods, the items supporting the
figures and information which feature in the consolidated accounts.
It also involves assessing those accounting principles followed, the
significant estimates made and the overall presentation of the
accounts. We consider that the items we have gathered form both a
sufficient and an appropriate basis for our opinion.
We certify that the annual accounts comply with French accounting
rules and principles and provide a true and fair view of the earnings
derived from the company’s activity during the year, as well as the
financial situation and net worth of the company at the end of the
financial year.
II. Justification of our assessments
In accordance with the requirements of article L.823-9 of the French
Commercial Code relating to the justification of our assessments, we
bring to your attention the following matters :
Your company sets up provisions for the impairment of equity
interests when their value in use appears to be less than their net book
value, as described in paragraph b “Financial fixed assets” of Note 3.1
“Accounting rules and methods” in the appendix. Our work consisted
in assessing the data and assumptions on which these estimates rely,
reviewing the company’s calculations, and examining management’s
approval procedures for these estimates.
As part of our assessment, we have verified the reasonable nature of
such estimates.
Theseassessments formpart of our task asAuditors of the consolidated
financial statements, taken as a whole, and have therefore helped us
to form our unreserved opinion, as it is described in the first part of
this report.
III. Verifications and specific information
We have also carried out verifications specifically required by law, in
accordance with French professional regulations.
We have no comments to make on the sincerity and consistency
with the annual statements, of the information given in the Board
of Directors’ management report, or that given in the documents
addressed to shareholders relating to the group’s financial situation
and the annual statements.
With regard to the information supplied in application on the
provisions of Article L.225-102-1 of the Commercial Code on payments
and bonuses paid to corporate officers as well as on commitments
approved in their favor, we have checked they are consistent with the
accounts or with the data used in the drawing-up of these accounts,
and, where relevant, with the items gathered by your company from
companies controlling or controlled by your company. On the basis of
our work, we vouch for the precision and honesty of this information.
In application of the law, we have made sure that all information
relating to the acquisition of stakes and control and to the identity of
those who hold the corresponding capital has been provided for you in
the management report.
Exincourt and Paris-La Défense, April 2, 2012
The Auditors
EXCO CAP AUDIT
ERNST & YOUNG ET AUTRES
Pierre Burnel
Henri-Pierre Navas
Partner
Partner